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17h ago

Trump Rules Out Bessent for Fed Chair, Narrows Field to Four

Kugler’s resignation this Friday creates a vacancy the administration intends to fill with an ally favoring lower borrowing costs.

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Secretary of the Treasury Scott Bessent speaks to reporters during the weekly luncheons at Capitol Hill on June 24, 2025 in Washington, DC.

Overview

  • President Trump confirmed that Treasury Secretary Scott Bessent requested to remain in his current role and has been removed from consideration for Fed chair.
  • The shortlist now includes former Fed Governor Kevin Warsh, NEC Director Kevin Hassett and two other unnamed contenders under review.
  • Fed Governor Adriana Kugler’s resignation, effective this Friday, opens a vacancy on the Board of Governors for Trump’s next appointment.
  • The White House is pressing for lower interest rates, clashing with Fed Chair Jerome Powell’s more cautious, data-driven approach.
  • The administration is expected to announce its pick for the new board seat and finalize the Fed chair shortlist soon as Powell’s term runs through May 2026.